MIRA INFORM REPORT

Report Date :

07.10.2011

IDENTIFICATION DETAILS

Name :	OBEROI CONSTRUCTIONS LIMITED [w.e.f. 13.07.2011]
Formerly Known As :	OBEROI CONSTRUCTIONS PRIVATE LIMITED
Registered Office :	Commerz, 3^rd Floor, International Business Park, Oberoi Garden City, Opposite Western Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	02.11.1993
Com. Reg. No.:	11-074836
Capital Investment / Paid-up Capital :	Rs.51.000 Millions
CIN No.: [Company Identification No.]	U45202MH1993PTC074836
TAN No.: [Tax Deduction & Collection Account No.]	MUMO01873E
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Real Estate Developers.
No. of Employees :	50 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

A (67)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 35000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION DECLINED BY

Name :	Mr. Abhinath Jain
Designation :	Finance Manager
Date :	05.10.2011

LOCATIONS

Registered Office :	Commerz, 3^rd Floor, International Business Park, Oberoi Garden City, Opposite Western Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra
Tel. No.:	91-22-66773333
Fax No.:	91-22-66773334
E-Mail :	corporate@oberoiconstructions.com
Website :	http://www.oberoiconstructions.com

DIRECTORS

As on 23.06.2011

Name :

Mr. Vikas Ranvir Oberoi

Designation :

Director

Address :

Plot Number 70, 12^th N. S. Road, J. V. P. D. Scheme, Juhu, Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

08.09.1969

Date of Appointment :

02.11.1993

Din No.:

00011701

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74140MH1989PTC052065	OBEROI CONSULTANCY SERVICES PRIVATE LIMITED	Director	06-06-89	06-06-89	-	Active	NO
2	U45202MH1993PTC074835	OBEROI ESTATES PRIVATE LIMITED	Director	02-11-93	02-11-93	-	Active	NO
3	U45202MH1993PLC074836	OBEROI CONSTRUCTIONS LIMITED	Director	02-11-93	02-11-93	-	Active	NO
4	U45202MH1998PTC114817	BEACHWOOD PROPERTIES PRIVATE LIMITED	Director	08-05-98	08-05-98	-	Active	NO
5	L45200MH1998PLC114818	OBEROI REALTY LIMITED	Managing director	04-12-09	08-05-98	-	Active	NO
6	U74140MH1995PTC092863	NEW DIMENSION CONSULTANTS PRIVATE LIMITED	Director	19-09-98	19-09-98	-	Active	NO
7	U45200MH1999PTC122685	R S ESTATE DEVELOPERS PRIVATE LIMITED	Director	17-11-99	17-11-99	-	Active	NO
8	U45202MH2001PTC132103	SIDDHIVINAYAK REALTIES PRIVATE LIMITED	Director	24-05-01	24-05-01	-	Active	NO
9	U72900DL2001PTC185853	SUNRISE INFOTAINMENT PRIVATE LIMITED	Director	15-11-02	15-11-02	23-08-08	Amalgamated	NO
10	U45202MH2001PLC132119	OBEROI MALL LIMITED	Director	09-04-03	09-04-03	-	Active	NO
11	U45200MH2003PTC140584	SPLENDOR DEVELOPERS PRIVATE LIMITED	Director	26-05-03	26-05-03	-	Active	NO
12	U70100MH2003PLC143211	I-VEN REALTY LIMITED	Managing director	10-07-09	20-09-04	-	Active	NO
13	U55101MH2006PTC164233	KINGSTON HOSPITALITY AND DEVELOPERS PRIVATE LIMITED	Director	31-08-06	31-08-06	-	Active	NO
14	U70101MH1997PTC109824	SANGAM CITY TOWNSHIP PRIVATE LIMITED	Director	15-02-07	15-02-07	-	Active	NO
15	U45400MH2007PTC174060	EXPRESSIONS REALTY PRIVATE LIMITED	Director	12-09-07	12-09-07	-	Active	NO
16	U70200MH2007PTC175541	PERSPECTIVE REALTY PRIVATE LIMITED	Director	31-10-07	31-10-07	-	Active	NO
17	U45202MH1997PTC109832	SHASHBINDU CONSTRUCTIONS PRIVATE LIMITED	Director	24-09-08	10-11-07	25-09-09	Active	NO
18	U70102MH2007PLC176290	KINGSTON PROPERTY SERVICES LIMITED	Director	29-11-07	29-11-07	-	Active	NO
19	U45400MH2007PTC176375	TRIUMPH REALTY PRIVATE LIMITED	Director	03-12-07	03-12-07	24-05-11	Active	NO
20	U70102MH2008PTC181528	MYSPACE DEVELOPERS PRIVATE LIMITED	Director	24-04-08	24-04-08	-	Active	NO
21	U70109MH2008PTC182983	ENVISION REALTY PRIVATE LIMITED	Director	31-05-08	31-05-08	-	Active	NO
22	U45400PN2008PTC132266	SHRIVATSA REALTY PRIVATE LIMITED	Director	25-09-09	20-08-08	-	Active	NO

Name :

Ms. Bindu Ranvir Oberoi

Designation :

Director

Address :

Plot Number 70, 12^th N. S. Road, J. V. P. D. Scheme, Juhu, Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

28.08.1968

Date of Appointment :

01.12.2006

Din No.:

00837711

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L45200MH1998PLC114818	OBEROI REALTY LIMITED	Director	29-09-07	01-12-06	-	Active	NO
2	U45202MH1993PLC074836	OBEROI CONSTRUCTIONS LIMITED	Whole-time director	01-04-10	01-12-06	-	Active	NO
3	U55101MH2006PTC164233	KINGSTON HOSPITALITY AND DEVELOPERS PRIVATE LIMITED	Director	29-09-07	17-01-07	-	Active	NO
4	U45202MH2001PLC132119	OBEROI MALL LIMITED	Director	29-09-07	17-01-07	-	Active	NO
5	U45400MH2007PTC174060	EXPRESSIONS REALTY PRIVATE LIMITED	Director	12-09-07	12-09-07	-	Active	NO
6	U70200MH2007PTC175541	PERSPECTIVE REALTY PRIVATE LIMITED	Director	31-10-07	31-10-07	-	Active	NO
7	U70102MH2007PLC176290	KINGSTON PROPERTY SERVICES LIMITED	Director	29-11-07	29-11-07	-	Active	NO
8	U45400MH2007PTC176375	TRIUMPH REALTY PRIVATE LIMITED	Director	03-12-07	03-12-07	24-05-11	Active	NO
9	U70102MH2008PTC181528	MYSPACE DEVELOPERS PRIVATE LIMITED	Director	24-04-08	24-04-08	-	Active	NO
10	U70109MH2008PTC182983	ENVISION REALTY PRIVATE LIMITED	Director	31-05-08	31-05-08	-	Active	NO

Name :

Mr. Tilokchand Punamchand Ostwal

Designation :

Director

Address :

103, Falcon’s Crest, G.D. Ambekar Marg, Parel, Mumbai – 400012, Maharashtra, India

Date of Birth/Age :

07.11.1954

Date of Appointment :

14.12.2009

Din No.:

00821268

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29309TN1987PLC029075	WTI ADVANCED TECHNOLOGY LIMITED	Director	30-09-00	30-09-00	Active	NO
2	U65999MH2006PTC164773	JPMORGAN ASSET MANAGEMENT INDIA PRIVATE LIMITED	Director	23-07-10	14-04-07	Active	NO
3	U65990MH1990PTC056666	CHATURVEDI AND SHAH CONSULTING PRIVATE LIMITED	Director	12-10-07	12-10-07	Active	NO
4	L45200MH1998PLC114818	OBEROI REALTY LIMITED	Director	30-09-08	12-12-07	Active	NO
5	U72900MH2000PTC125529	DELSOFT CONSULTANCY PRIVATE LIMITED	Director	21-02-08	21-02-08	Active	NO
6	U45200MH1995PLC093041	LODHA DEVELOPERS LIMITED	Director	22-09-09	24-07-09	Active	NO
7	U70104MH1935PLC002249	SHREENIWAS COTTON MILLS LIMITED	Director	28-09-10	19-09-09	Active	NO
8	U45202MH1993PLC074836	OBEROI CONSTRUCTIONS LIMITED	Director	04-05-10	14-12-09	Active	NO
9	U24231GJ1985PLC007866	INTAS PHARMACEUTICALS LIMITED	Director	12-08-11	19-03-11	Active	NO

KEY EXECUTIVES

Name :	Mr. Jayesh P. Ganatra
Designation :	Company Secretary
Address :	B/2 Haridwar Building, Devji Bhimji Lane, Mathuradas Road, Kandivali (west), Mumbai – 400067, Maharashtra, India
Date of Birth/Age :	14.02.1980
Date of Appointment :	01.02.2010
Pan No.:	AIEPG8743L
Name :	Mr. Abhinath Jain
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.06.2011

Names of Shareholders	No. of Shares
Oberoi Realty Limited, India	5099990
Santosh Ranvir Oberoi	4
Vikas Ranvir Oberoi and Oberoi Realty Limited, India	1
Bindu Oberoi and Oberoi Realty Limited, India	1
Saumil Daru and Oberoi Realty Limited, India	1
Raman Sapru and Oberoi Realty Limited, India	1
Rajendra Chandorkar and Oberoi Realty Limited, India	1
Arunkumar Kotian and Oberoi Realty Limited, India	1
Total	5100000

As on 23.06.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :

Real Estate Developers.

GENERAL INFORMATION

No. of Employees :

50 [Approximately]

Bankers :

• Allahabad Bank, Industrial Finance Branch, Apeejay House, 3, Dinshav Wachha Road, Mumbai – 400020, Maharashtra, India
• Axis Bank Limited, Royal Accord IV : Lokhandwala Complex, Andheri Branch, Mumbai-400053, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
Vehicle Loan [Vehicle loans were secured against specific vehicles financed]	0.000	0.058
Total	0.000	0.058
Unsecured Loan
From Holding Company	0.000	4.616
Total	0.000	4.616

Banking Relations :	--
Auditors :
Name :	P. Raj and Company Chartered Accountants
Address :	3/1218, Navjivan Commercial Premises, Co-Operative Society Limited, Lamington Road, Mumbai-400008, Maharashtra, India
Tel. No.:	91-22-23054459/23012074/23002048
Fax No.:	91-22-23012074
E-Mail :	mail@prajco.com
Website:	http://www.prajco.com
Holding Company:	Oberoi Realty Limited [U45200MH1998PLC114818]
Subsidiary:	Perspective Realty Private Limited [U70200MH2007PTC175541]
Associates:	Envision Realty Private Limited Oberoi Foundation I-Ven Realty Limited
Fellow Subsidiary:	Oberoi Mall Private Limited
Joint Venture / AOP:	Siddhivinayak Realties Private Limited ZACO Aviation Oasis Realty
Co-Member of AOP:	Sky Lark Build Shree Vrunda Enterprises

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5250000	Equity Shares	Rs.10/- each	Rs.52.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5100000	Equity Shares	Rs.10/- each	Rs.51.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		51.000	51.000	51.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8891.601	5008.127	3254.659
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8942.601	5059.127	3305.659
LOAN FUNDS
1] Secured Loans		0.000	0.058	1101.005
2] Unsecured Loans		0.000	4.616	1031.043
TOTAL BORROWING		0.000	4.674	2132.048
DEFERRED TAX LIABILITIES		18.087	15.069	5.690
TOTAL		8960.688	5078.870	5443.397
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		100.596	110.808	136.078
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		789.841	0.050	1351.516
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4103.534	5472.916	4555.253
	Sundry Debtors	189.040	177.568	495.337
	Cash & Bank Balances	2573.404	858.735	121.520
	Other Current Assets	1538.242	0.000	0.000
	Loans & Advances	2790.743	1072.774	1211.265
Total Current Assets		11194.963	7581.993	6383.375
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	96.903	87.639	90.316
	Other Current Liabilities	2967.316	2519.956	2331.239
	Provisions	60.493	6.386	6.017
Total Current Liabilities		3124.712	2613.981	2427.572
Net Current Assets		8070.251	4968.012	3955.803
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		8960.688	5078.870	5443.397

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income
		Other Income
		TOTAL	6843.265	2996.799	3909.139
Less	EXPENSES
		Office Expenses	2862.238	1200.232	1824.949
		Administrative Expenses
		Advertising Expenses
		TOTAL	2862.238	1200.232	1824.949
	PROFIT BEFORE DEPRECIATION, EXCEPTIONAL ITEMS, PRIOR PERIOD EXPENSES AND TAX		3981.027	1796.567	2084.190
Less/ Add	DEPRECIATION/ AMORTISATION		11.766	11.624	13.848
	PROFIT BEFORE EXCEPTIONAL ITEMS, PRIOR PERIOD EXPENSES AND TAX		3969.261	1784.943	2070.342
Add	EXCEPTIONAL ITEMS (EXCESS DEPRECIATION REVERSAL OF EARLIER YEARS)		0.000	7.937	0.000
Add/ Less	PRIOR PERIOD (INCOME) / EXPENSES		(0.411)	0.535	0.000
	PROFIT BEFORE TAX		3969.672	1792.345	2070.342
Less	TAX		26.530	32.910	33.503
	PROFIT AFTER TAX		3943.142	1759.435	2036.839
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1.773	15.864	38.358
	IMPORTS
		Raw Materials	56.791	NA	NA
	Earnings Per Share (Rs.)		773.17	344.99	399.38

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	57.62	58.71	52.10
Return on Total Assets (PBT/Total Assets}	(%)	35.14	23.30	31.75
Return on Investment (ROI) (PBT/Networth)		0.44	0.35	0.62
Debt Equity Ratio (Total Liability/Networth)		0.35	0.52	1.37
Current Ratio (Current Asset/Current Liability)		3.58	2.90	2.62

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors
Outstanding due to micro, small and medium enterprises	0.000	26.030	0.000
Outstanding due to other than micro, small and medium enterprises	96.903	61.609	90.316
Total	96.903	87.639	90.316

OPERATION:

During the year, the company has recorded an income of Rs. 6843.265 Millions as compared to Rs. 2996.799 Millions in the previous year. The Profit before tax has increased to Rs. 3969.671 Millions for the year ended 31st March, 2010 as compared to Rs. 1792.345 Millions for the previous year. After deducting provision for taxation, the company earned a Net Profit of Rs. 3943.142 Millions for the year as compared to Rs. 1759.435 Millions in the previous year.

Barring unforeseen circumstances, The Directors are optimistic about better performance during the current year.

BANKERS CHARGES REPORT AS PER REGISTRY

Name of the company	OBEROI CONSTRUCTIONS PRIVATE LIMITED
Presented By	Mr. Vikas Oberoi, Director
1) Date and description of instrument creating the change	Deed of hypothecation of Receivables dated March 2004
2) Amount secured by the charge/amount owing on the securities of charge	Line of Credit facility of Rs. 100.000 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Extension of exclusive first hypothecation charge and escrow of the said receivables, present and future, of the company.
4) Gist of the terms and conditions and extent and operation of the charge.	The gist of terms and conditions is as follows. 1. The borrower and the company shall at their expenses keep the said property in good conditions and shall keep it insured against fire, theft, lighting, explosion, earthquake, flood, riots , strike, erection risk, war risk an shall duly pay all the premiums and other sums payable for that purpose. 2. The borrower and the company shall not create any charge, mortgage, lien or any other encumbrances upon or over the property or any attachment or distress to affect the same by any part therof nor suffer any such charge, mortgage, lien or other encumbrances. 3. During the continuance of this security so long as the borrower and the company shall use the said property, they will at their own expenses, maintain and keep the same in substantial order, repair and will, form time to time and replace all such parts as from decay, destruction or other causes. 4. In case of default, the Bank may seize, foreclose and even sell the said property without any prior written or oral consent/ concurrence of the borrower and the company for the realization of the amounts due to the Bank in accordance with the terms contained in the sanction letter.
5) Name and Address and description of the person entitled to the charge.	Axis Bank Limited, Royal Accord IV : Lokhandwala Complex, Andheri Branch, Mumbai-400053, Maharashtra, India
6) Date and brief description of instrument modifying the charge	Not Applicable
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Not Applicable

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Letter of Credit (Gross)	1.140	0.000
Bank Guarantee (Gross)	0.000	2.119

1. In respect of one of the project of company, a person (now represented by legal heirs) had filed a suit with a claim to reconstruct a structure admeasuring 10’ X 24’ on the property which the person claimed had been demolished by the company. The company believes that the aforesaid suit is not sustainable. The amount payable, if any, towards this claim is not ascertainable.

2. A suit has been filed against the company in connection with alleged infringement of trademarks, seeking damages of Rs. 2.000 million. In view of the management, the claim is not maintainable; hence no provision is made for the same in the books of account. On November 27, 2009 an agreement has been entered into between the plaintiff and the company and the suit has been withdrawn vide order dated April 5, 2010 of the Hon’ble Delhi High Court.

3. In respect of one of the project at Mumbai, held by a fellow subsidiary, a suit has been tiled against the company seeking possession of a portion of Land admeasuring 108 Square meters. Though the company has been made a party to the suit, the company believes that it is not liable since it is neither the owner nor the developer of the said property nor t has given any guarantees in respect of the same. The matter is pending before the Hon’ble High Court.

4. In relation to one of the flats in residential projects of company a person has tiled a complaint before the Consumer Dispute Redressal Forum against the company for alleged failure to execute agreement for sale. The person has claimed execution of agreement of sale or in alternative to buy back of the flat for Rs. 14,000 per sq. ft., Rs.1.000 million interest on loans availed and Rs.1 million as special damages. There are disputes between the said person and another person regarding ownership of the said flat. In view of such disputes, the company believes that the claim in the aforesaid proceedings is not sustainable in law and therefore no provision has been made for the same.

5. Capital Commitment in respect of Association of Person Rs. 400.000 millions (Previous Year Rupees Nil)

6. Income Tax assessments of the company in respect of earlier years has been completed and tax liability of Rs. 7.800 million has been determined over and above the provisions made in the books of accounts. The Income Tax department has also issued the notice under section 274 of the Income Tax Act, 1961, in respect of the same. The company has tiled appeal against the said orders.

7. In one of the residential projects, two persons have filed a complaint before the Consumer Redressal Forum against the Company for alleged deficiency in services of failure to handover possession of a flat. The complainants have demanded compensation of Rs.1.000 million. The Company believes that the aforesaid proceedings are prima facie not sustainable and hence no provision has been made.

8. In one of the residential projects, one person has filed a complaint before the Consumer Redressal Forum against the Company for alleged deficiency in services of failure to handover possession of a flat. The complainant has demanded compensation of Rs. 0.500 million. The Company believes that the aforesaid proceedings are prima facie not sustainable and hence no provision has been made.

9. In one of the residential projects of the Company, one person has issued a notice to the Company alleging delay in handing over possession of flat and seeking payment of Rs. 2.200 million as actual financial burden incurred by the complainant alongwith interest at the rate of 24% per annum. No proceedings have been filed in pursuance of the aforesaid notice. The Company believes that alleged claims are prima facie not sustainable and hence no provision has been made.

10. In one of the residential projects of the Company, four persons have issued a notice to the Company in relation to two flats alleging delay in handing over possession of flats, consequently demanding interest at the rate of 21% and declining to pay maintenance and service charges. No proceedings have been filed in pursuance of the aforesaid notice. The Company believes that the alleged demands are prima facie not sustainable and hence no provision has been made.

Fixed Assets:

· Building

· Aircraft

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Computer

· Intangible Assets

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.19
UK Pound	1	Rs.75.92
Euro	1	Rs.65.44

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		67

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.